Hiscox has announced the acquisition of Global Flying Insurance Services (GFIS) from Lloyd's broker Besso.
GFIS is an underwriting agency specialising in loss of licence insurance for aviation pilots.
Hiscox has been the lead Lloyd's underwriter for GFIS for approximately six years, providing capital for 30% of the acquired business with five other Lloyd's syndicates sharing the remainder.
The premium volume for the acquired business is £2.5m for the current year ending 31/10.
The four existing GFIS staff will join Hiscox under the terms of the agreement. The GFIS brand will be transferred to Hiscox and the acquired business will be run as part of the Group's Hiscox UK retail division.
David Bruce, head of specialty underwriting, Hiscox, said: “We are delighted to announce this acquisition of GFIS, a specialist insurance provider with a great reputation. Hiscox is structured to support and develop specialist underwriting teams and I am confident that GFIS will thrive here. We believe that this business has the potential for profitable growth.”
Colin Bird, chief executive, Besso Holdings, said: "GFIS has grown significantly as part of Besso; we now believe that it is in the best interests of the business and its clients to become part of a specialist underwriting group. We would like to wish Mark Bright and his team at GFIS every success as part of the Hiscox group and look forward to working with them in the future.”
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